Granite Ridge Resources, Inc. $GRNT Shares Sold by Hamilton Lane Advisors LLC

Key Points

• Hamilton Lane Advisors LLC reduced its stake in Granite Ridge Resources by 7.2%, now holding approximately $50.1 million worth of shares, which constitutes 37.0% of its investment portfolio.
• Granite Ridge Resources recently faced a downgrade from a "buy" to a "hold" rating from Wall Street Zen, with a consensus target price of $7.50.
• The company announced a quarterly dividend of $0.11 per share, yielding 8.2%, with a dividend payout ratio of 183.33%, indicating potential concerns regarding sustainability.

Hamilton Lane Advisors LLC lessened its stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 7.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,870,023 shares of the company's stock after selling 610,564 shares during the period. Granite Ridge Resources comprises about 37.0% of Hamilton Lane Advisors LLC's investment portfolio, making the stock its largest position. Hamilton Lane Advisors LLC owned approximately 6.00% of Granite Ridge Resources worth $50,132,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Granite Ridge Resources by 892.9% during the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock valued at $43,000 after purchasing an additional 6,375 shares during the last quarter. Parallel Advisors LLC increased its stake in Granite Ridge Resources by 222.4% during the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after purchasing an additional 6,017 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Granite Ridge Resources during the fourth quarter valued at $62,000. Ieq Capital LLC bought a new stake in Granite Ridge Resources during the first quarter valued at $62,000. Finally, ProShare Advisors LLC bought a new stake in Granite Ridge Resources during the fourth quarter valued at $96,000. Institutional investors own 31.56% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $7.50.

Insiders Place Their Bets

In related news, Director John Mccartney acquired 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Monday, August 18th. The stock was acquired at an average price of $5.25 per share, with a total value of $26,250.00. Following the completion of the acquisition, the director directly owned 82,117 shares of the company's stock, valued at $431,114.25. This trade represents a 6.48% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 14,574 shares of company stock valued at $77,142 over the last three months. Corporate insiders own 8.50% of the company's stock.

Granite Ridge Resources Stock Performance

Shares of GRNT traded up $0.07 during midday trading on Thursday, hitting $5.59. 193,248 shares of the stock traded hands, compared to its average volume of 548,383. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.00. The firm has a market capitalization of $733.03 million, a PE ratio of 23.27, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.32 and a current ratio of 1.32. The business's 50 day moving average price is $5.35 and its two-hundred day moving average price is $5.53.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The firm had revenue of $109.22 million for the quarter, compared to analyst estimates of $109.69 million. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. Equities research analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.44 annualized dividend and a yield of 7.9%. Granite Ridge Resources's dividend payout ratio is presently 183.33%.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.